Florida’s Baldwin Group Reports $20M Q4 Loss, Universal Earned $6M Profit

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Two major, publicly traded Florida insurance companies reported fourth-quarter earnings, with the Baldwin Insurance Group, Inc. (BWIN) noting a loss of $20.2 million in its fourth quarter.

On a per-share basis, the Tampa-based insurance agency and brokerage said it had a loss of 31 cents. Earnings, adjusted for one-time gains and costs, were 27 cents per share.

The results beat Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 25 cents per share. The net loss was an improvement over the fourth quarter 2023’s loss of $34 million.

The company posted revenue of $329.9 million in the period, up from Q4 2023 and also exceeding Street forecasts. Four analysts surveyed by Zacks expected $327.6 million.

For the year, the company reported that its loss narrowed to $24.5 million, or 39 cents per share. Revenue was reported as $1.39 billion.

The Baldwin Insurance Group shares have risen roughly 3% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $39.86, an increase of 51% in the last 12 months.

Meanwhile, Universal Insurance Holdings Inc. (UVE) on Tuesday reported earnings of $6 million in its fourth quarter.

On a per-share basis, the Fort Lauderdale, Florida-based company said it had profit of 21 cents. Earnings, adjusted for non-recurring costs, were 25 cents per share.

The property and casualty insurance company posted revenue of $384.8 million in the period.

For the year, the company reported profit of $58.9 million, or $2.01 per share. Revenue was reported as $1.52 billion.